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Auction Tips

"IN PERSON" Bidding Auction Tips

Auction Tip The word "Auction" comes from the Latin word "Auction" which means "to gradually increase".

Auction Tip Don't bid more than an item is worth! Get a good or great deal at every auction and surely don't bid more than you can afford.

Auction Tip An Absolute Auction is an auction where the merchandise or property is sold to the highest bidder with no minimum bid (price) for the property. At an absolute auction, the seller is not allowed to bid personally or through another representative on any of their own property. The only exception to this rule is that if it is a "forced sale".

Auction Tip Whenever bidding at any auctions, if it say's "EXPORT ONLY" on any items, the winning bidder is responsible for shipping those items out of the US when the auction is over. The Bid Winner has 30 days to export the property out of the United States.

Auction Tip One of the best times to attend an auction is on rainy or cold days when the turnout is low and other bidders are inconvenienced by the weather or other things like holidays or special events.

Auction Tip Try to stay to the end of all the auctions. That way, most of the bidders have left and the others bids and are even lower.

Auction Tip Some of the best auctions with incredible deals are those that have little or no public advertising whatsoever. Some people refer to these as "Hidden Auctions".

Auction Tip Before bidding on a vehicle, attend the pre-auction inspection first. Look at the mileage, start the vehicle (if allowed), and take notes on any defects or damage you see. Before bidding on any vehicles you are interested in, check the blue book value (NADA or Kelly Blue Book), make sure you don't bid more than the vehicle is worth.

Auction Tip The condition of merchandise to be auctioned is rarely listed with what is being auctioned. If you are traveling a long distance to attend any auction, you should call ahead of time to get any additional information you may want or need. The auctioneers are very helpful and are happy to answer any questions you may have about any upcoming auctions. This will save you a long and possibly unproductive trip.

Auction Tip Some auctions require Bank Letters Of Credit. This is simply a letter from a bank certifying that a named person is worthy of a given letter of credit. This may be required to bid at an auction, especially if the items may run at a higher price, such as vehicles or houses. I suggest you call prior to an auction and see what forms of payments are accepted. That way when you find the car or home of your dreams at a price far below the retail cost, you will be able to buy it because you thought ahead and had a Bank Letter of Credit!

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"ONLINE" Bidding Auction Tips

Auction Tips. Auction Rules. Auction Hints.

Tips for Buyers...

Despite complaints of fraud, online auctions remain a fun, efficient and relatively safe way to do business - if you act prudently. Here's how:

Before Bidding

When Bidding

Before Paying

Auction Rules

Internet auctions are online bazaars. Some are the scenes of business-to-person activity, where a Web site operator physically controls the merchandise for sale and accepts payment for the goods. But most specialize in person-to-person activity where individual sellers or small businesses auction their items directly to consumers. In these auctions, the seller — not the site — has the merchandise.

The person-to-person sites require sellers to register and obtain a "user account name" (or "screen name") before they can place items for bid. Sellers also must agree to pay a fee every time they conduct an auction.

Many sellers set a time limit on bidding and, in some cases, a "reserve price" — the lowest price they will accept for an item. When the bidding closes at the scheduled time, the highest bidder "wins." If no one bids at or above the reserve price, the auction closes without a "winner."

At the end of a successful person-to-person auction, the buyer and seller communicate — usually by email — to arrange for payment and delivery.

Free E-Books About Auctions

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"Auction Hints"

This informative E-Book covers all aspects of starting and managing an auction business online. Learn how to keep your feedback positive and the customers happy while making a profit on everything you sell.

Customer appreciation Bonus! Compliments of DEAauctions.COM

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